Marketing director of Morgan Stanley consumer banking, Patrick Muir, said: "Our research shows that customers are turned off by the outdated flashy symbols of success associated with some of our competitors and are more interested in genuine, functional benefits.

"The i24 Card from Morgan Stanley provides features that people will actually need, value and use on a day-to-day basis."

Cardholders will also receive a plethora of exclusive 'extras' including access to over 450 members-only airport lounges through the Priority Pass membership plus comprehensive annual multi-trip travel insurance and an additional priority card for a lucky family member or partner.

Previous research by Morgan Stanley revealed premier credit cardholders spend an average of £28,854 every year.